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... the the ... good morning welcome to the New Saab I'm Ralf Winkler ... The monthly jobs report easy just now and the unemployment rate has dropped to seven point seven percent from seven point nine percent ... as nonfarm payrolls increased by eight ... hundred and forty six thousand that's compared to economist expectations of eighty thousand ... Wall Street Jobs died Barron's Brendan Conway is here friend in ... now ... I'm people been expecting a lot less because taking the because of the storm last month Yeh that's right you know one thing this morning were saying don't pay attention to this number ... because of the storm ... prone thirty thousand ... customers pretty good and and I think the markets unlike this ... given the context of you know the storm basically wiping out a lot of economic activity ... in these cups now it's not just the storm that makes this a particular he ... added that the rate we need to know we see report yet now ... you've also got other issues that did make this ... you know one jobs report that the needy people are as worried about ... his non election worry about ... the Fed's moves are ... more or less peaking at this point it sounds like whatever this number was can be was in a change to Fed's anyway ... people are focused on the fiscal cliff ... yet you know in what so funny about the market is that for all the worries out there for all if he were talking about it stocks just couldn't continue to march to fresh highs ... given a shorter time period when ... the Dow closed at a one-month high yesterday ... I mean traders are basically trusting Washington even though the headlines at this week to look all that encouraging ... okay I wanna jump ... over to my Heard on the Street colleague ... at the Jackson wording get to him ... in ... a second upbringing in ... what you think the market is going to ... react to some this morning ... yell I would Timothy recency we can get the futures are ten things that don't like it just for the sheer reason that ... people have written up this report is not ... telling us very much ... here we have this very when you look below forecasts here I think in the short run people to look at this and say ok ... you know ... jobs were still ... moving along a modest pace it's Deathly going to get hopes up for next month's reported to the brink by the way with just catch people up on ... where the Fed is now I mean what what ... did it to open ended bond buying program of forty ... billion per month ... all and mortgage is ... that's happening we know that's gonna happen ... now I guess having decided yet what they're doing with adult Operation Twist which was the forty five billion ... coming out of short-term traders going in the long term Treasuries are the Guinea continue buying three more money to ... buy long-term Treasurys is well we know about ... here again next year what defense for us to look like ... the ... cut last BIGinsight that we got there came a couple months go where ... the Fed basically said to the market ... you know what traders have done it QE infinity mean basically that the Fed will continue all these programs at least in this house was read ... on for the forseeable future throat twenty thirteen so ... when when you can look at the markets a new look of what traders are saying ... there's this feeling ... that what we're going have this low rate environment was for long time ... I personally think that if there's a decisive ... upswing in job creation if we see growth numbers doing well ... on ... the forecast is can come in a lot faster than people think but I think there is a risk there is deftly rest of the bond market from that I mean a whole month for second checkout the futures if he can your black real sweeteners and here I wanna bring in Sudeep Reddy from Washington Wall Street Journal's economics reporter Sudeep good morning ... where are selling fast reaction this report ... they that obviously is skewed by Sandy but if ... this is this do that to have ... a pretty good one that means that we probably had somewhat higher ... job growth during the month what concerns me a little bit is if you look that will keep or to the report you see a revision for the two prior months that was down or ... which it which is a little bit surprising because we had thought ... that diet job creation was at least on a more sustainable upward trend that to see a downward revision ... for two straight months coming into report like this is not a very Goebel good one ... given all of the special factors involved in this is probably not can ask you a lot of people for the latest month second act change a lot of expectations of the labor market but there are some signs of caution coming into the report now I that that might lead people at the Fed to be a ... little bit more worried than they were I had a go and that it certainly ... unfortunately when you have a number that isn't as bad as it was expected to be with this latest month ... but it's not can it do policy makers to act it might actually ... have continued this this notion that everything will be ok if we go over the fiscal cliff which is a very dangerous mission ... okay now ... by the way also of the best use and you also get cover the Fed for the Journal so ... talk to me about how this informs what what they're doing it if there's any change it all ... it's pretty clear that the Fed was going to continue its bond buying program that was good or a place Operation Twist ... Outwit win something either ... at or close to its prior bond buying so I don't think organist see ... a huge shift from the Fed ... at the very least a report ... on the bed still shows relatively modest job growth is obviously not bad but relatively modest job growth in recent months ... is getting keep the fed ... I keep that keep the pedal down and they're not can a wonderful back ... I were to ... provide any hint that they're pulling back at all ... and so ... a ... measure like this is been a ... time ... the Fed is not getting ease up as a result of reports like this they are especially and looked at special factors okay thanks to deep standby for second I wanna bring in I wanna bring in my Heard on the Street colleague ... Justin Lane are just in your in the NEWSROOM what what what it what you see behind the headline numbers ... I think that you know you deftly senior seeing the effect here if you if you dig in um you see manufacturing jobs down um ... eleven thousand construction jobs down twenty thousand so ... the city was deftly in this number and I think that the fact that it was aam you are so strong ... despite Sandy of relief unit that does say something about that the underlying strength of the economy and take your eyes the deepest mentioning ... you that the one concern one concern years insisted that um see people from feeling any sense of urgency is to do a fiscal cliff ... ok by the way so interesting that the manufacturing and construction ... have been ... relieved of part of the part of the did the summer the sectors that have been adding to the steady improvement in the labor market write in if the Phillies were adding here what were the sector's that day I guess maybe outperformed the case well really I don't have health care of aam information technology of minutes you're you're more service sector jobs ... on the construction actually hasn't been all that great they are ... of the source of jobs that despite the Pentagon in the housing market but ... you see manufacturing down um ... you know it if the police is ... in a little bit about about TV and also says something about you may be about the caution with the fiscal cliff has this jobs ... are more responsive to that okay ... by the way I do we have a sense for an average hourly wage is ... I in this report or or any of the other little tidbits behind scenes here I thought that they can for the site okay no worries aam ... and when will come back to ... nineteen seat maybe you six am love love to see labor force participation aam ... I did did you get a chance just in ... the revisions that they've been Sunni talked about about how large they weren't and how how much of an impact ... that will have on ... five leg is October's now revised two hundred thirty eight thousand ... September revised four hundred thirty two thousand ... this was Verde versus August hundred and ninety two thousand ... nonfarm payrolls were added one hundred those revisions impact people's thinking if at all ... well yet alot of times a lot of times the revision tells you something about um though ... about that the trend in employment so a lot of times when people see ... upward or downward revisions they need to get on the ... other concerned are excited in ... Nokia board up would you be looking at those provisions um there are some aspects of of of ... I think just but could sing the strength of this of this number for ... of November's fall again The trump all that ... ok ... ok fantastic I wanna bring back Brendan Conway quickly Brendan how do the markets like this number or not ... so rough it's really interesting ... for for all the warnings that are kind of under the new measures discussed the CD ... Mr. Market likes to this the Dow's up fifty six points at the moment ... I'm ... early this morning was down twenty two points so I I think definitely the market is focusing on ... him Jesus ... Sandy Weill the East Coast in yet we still have this decent number ... that beat expectations by sixty thousand jobs or so the definitely liking out their story ... and ... great ... said desecrated thanks so much for joining us that in early ... and to just delayed heart and to Sudeep Reddy for Joinus this morning thanks guys ...